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N1 quarterly figures driven by SME lending

by Sam Nichols3 minute read

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The financial services provider has said 79 per cent of its total cash receipts over the December quarter were via SME lending.

ASX-listed business, financial and property services firm N1 Holdings (N1) has unveiled its quarterly activity report for the December 2021 quarter, revealing that small and medium-sized enterprise (SME) lending reached $2.09 million over the period. 

According to these figures, N1’s SME lending business – which includes management fees derived from One Lending Fund through N1 Asset Management – was a “major revenue generator” for the company, accounting for roughly 79 per cent of the total cash receipts from customers ($2.64 million) during the quarter. 

This SME lending figure is also said to have contributed to $1.75 million in revenue.

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The revenue under One Lending Fund was reportedly $700,000 for the quarter and $1.44 million for the first half of the financial year.

To date, N1 currently has a “committed lending capital of over $90 million”, including $25 million of capital to its One Lending Fund and $10 million of capital from the company’s balance sheet. 

Further, this latest cash receipt figure also marks a 166 per cent increase when compared to the December 2020 quarter.

Growth was consistent throughout these latest figures, with N1’s revenue over the first half of the financial year reaching an unaudited sum of $4.6 million – an increase of 123 per cent compared to the same period during the previous financial year.

N1’s earnings before interest, taxes, depreciation, and amortisation (EBIDTA) came to an unaudited approximate figure of ​​$989,000 – a year-on-year growth of 54 per cent. 

Similarly, the net profit for HY2022 was roughly $391,000 – a boom of 115 per cent compared to HY2021 (1 July 2020 31 December 2020). 

N1 has stated that it “continues to raise funds for SME lending purposes”, including its One Lending Fund – echoing its announcement in 2021 that it considered SME lending to be its core business

Since 2019, the group has continued its pivot towards SME lending, selling its trail book that year to support the growth of its commercial lending activities and for working capital. 

Last October, N1 confirmed that it had joined the lending panel of MoneyQuest

Less than one month later, the group revealed it had expanded its SME lending capacity to $90 million

[Related: Grow Finance concludes $35m capital raise]

N1 quarterly figures driven by SME lending
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Sam Nichols

AUTHOR

Sam Nichols is a journalist at The Adviser and Mortgage Business. His reporting has featured in a range of outlets including ABC News, SBS' The Feed, and VICE.